In previous years, my taxes were done by a (retired) CPA (she used TT). This year I am doing them myself. I am stuck on the foreign tax credit carry overs. I was able to enter the regular tax version by using the numbers printed in the 2018 carryover statement, and filling in the last line from the 2018 form 1116. However, the "utilized" column of the AMT version of the Foreign Tax Credit carryovers is a complete mystery to me. I can copy the numbers up to 2017 from my 2018 carryover statement but have no idea how to calculate the 2018 AMT utilized amount.
So, I'm looking for either a way to calculate the last AMT line for 2018, or, failing that, a confirmation of my belief that if I enter 2018 as zero/blank carry forward, the IRS will happily allow that. (Since any number here would only tend to reduce my taxes.) I am not taxed under AMT anyway, so perhaps it is a waste of effort to compute this. ??
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Since you are not AMT taxed, it would be a waste of time and energy. A zero will be sufficient. Smart thinking!
Just so you know, it is illegal to prepare tax returns using our software as we don't have the legal forms required for tax preparers.
You may be able to ask for the log in information for your old returns and just keep using your old account and simply change the password and account recovery information.
Thank you! It would be more correct to say that my CPA used some kind of tax preparation software and I ASSUMED it to be a professional version of TurboTax. She told me that the files would not be readable by my TurboTax Home and Business edition.
Good deal! There are people that use us for preparation. Eventually they get letters from the IRS telling them to stop. I am glad I could help!
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